OTC Reporting Facility (ORF) Industry Testing

As a reminder, FINRA has revised the migration date for firms to begin reporting OTC equity security trades and trades in restricted equity securities effected pursuant to Securities Act Rule 144A to the new OTC Reporting Facility (ORF) technology platform. Firms will begin reporting trades to the ORF on the new platform on Monday, September 15, 2014. Beginning Monday, April 14, 2014, firms may begin testing for the FINRA OTC Reporting Facility (ORF) migration. The testing will be available through the NASDAQ OMX Test Facility (NTF).1

 

Firms can access the NTF via the Computer-to-Computer (CTCI) and Financial Information eXchange (FIX) protocols and via the FINRA TRAQS secure test website. Firms can also download test reference data via the ORF Web Application Programming Interface (API) and authorized firms can test the Trade Data Dissemination Service (TDDS2.0) vendor feed for OTCBB and Other OTC transactions, and test the FINRA ADDS OTC Reporting Facility Trade Journal files.2

 

To prepare for testing FINRA will be working with firms beginning the week of April 7, 2014, to complete all setups and answer any questions. Until the migration is complete, firms testing for the ORF migration will not be charged any fees for use of the NTF.

 

 

Test Directions (CTCI/FIX, Secure Web, API, TDDS 2.0)

Firms should follow the test directions.

 

 

Test Scenarios

Firms can test with securities available in the TRAQS website security scan or via the downloadable securities master file in the API test files. Firms should test with a partner contra firm in order to simulate reporting transactions.

 

 

Test Functions

The following test functions will be available April 14, 2014.

 

Trade Reporting:

  • Trade Entry
  • Trade Cancels
  • Trade Corrections
  • Trade Reversals
  • Trade Reject/Repair

 

API Reference Data:

  • Security Master Files
  • Security Daily List Files

 

Trade Dissemination Data Service Data Feed (TDDS2.0)

  • Trade transactions

 

The following test functions will be available April 21, 2014.

  • Trade Match
  • Trade Accept
  • Trade Decline

 

FINRA will issue separate ORF technical notices as test details are available for additional ORF functions.

 

 

Documentation

These specifications are available on the FINRA.org website:

 

 

ORF migration User Acceptance tests

FINRA will conduct a series of ORF migration system weekend production user acceptance tests. FINRA will issue a technical notice with detailed information when those dates are available for publication.

 

 

Please direct questions and comments to FINRA Product Management or call (866) 899-2107.

 


 

1 During testing, FINRA will adjust software functions as required.

 

2 ADDS files will be available for testing starting June 16, 2014.